The state and federal government are taking action to assist businesses during the COVID-19 pandemic. Here are some resources that have been announced recently.
The U.S. Small Business Administration (SBA) has issued a disaster declaration for the state of Iowa as of January 31, 2020 and continuing. The declaration allows pandemic-impacted small businesses to apply for low-interest support loans. The declaration comes after Iowa Governor Kim Reynolds submitted a federal funding request via the SBA’s Economic Injury Disaster Loan program.
SBA Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Iowa offering small businesses up to $25,000 in state grants to stay afloat during coronavirus pandemic
Business can apply for the grant or tax assistance at www.iowabusinessrecovery.com. For the grants, business must be seeing pandemic related disruption, and the amount dispersed will depend on factors including loss of sales and employees, according to a supplemental release from the governors’ office. The deadline to apply of assistance is noon on March 31, 2020. Click here to read the Governor’s press release.